SBI runs a special loan scheme for pensioners. This scheme is- State Bank of India Pension Loan Scheme. Through this scheme, pension holders can take loan from the bank in difficult times.
Any bank gives loan to its customers only after examining their age, income and credibility. This is the reason why many old people believe that where will they get loan facility at this age? But if you are retired, receive pension every month and your account is in State Bank of India, then you do not need to worry. Even at this stage of age, SBI can provide you pension facility in difficult times.
SBI runs a special loan scheme for pensioners. This scheme is- State Bank of India Pension Loan Scheme. Through this scheme, pension holders can take loan from the bank in difficult times. However, the loan amount depends on their income. Know the details related to this scheme here.
Features of pension loan
The specialty of pension loan is that the processing fees in it are very low. The process of getting a loan is quite fast and there is no need to submit too many documents. The interest rates charged on pension loans are also generally lower than the interest rates on personal loans. There is no hidden charge in this. Pensioners get EMI option to repay the loan. You can apply for pension loan in any branch of SBI.
These are the conditions related to the loan
- This loan given to pensioners is like a personal loan. To avail this, it is necessary that the pension payment order of the loan taker is with the State Bank of India.
- To apply for pension loan from SBI, the age of the pensioner should be less than 76 years.
- The pensioner will have to give an undertaking that during the period of the loan, he will not amend his mandate given to the treasury.
- The Treasury will have to give in writing that until the No Objection Certificate is issued from the Bank,
- Treasury will not entertain requests by pensioners for transfer of pension payments to any other bank.
- All other terms and conditions of the scheme including guarantee by spouse (eligible for family pension) or appropriate third party will apply,
- The loan repayment period is 72 months, which will have to be repaid till the age of 78 years.
Other information related to loan will be available here
If you want to get other information related to SBI loan, then you can visit the official website of SBI https://sbi.co.in/. Apart from this, you can get information related to this by dialing toll free number 1800-11-2211. Besides, you can also apply for pension loan from this number. To get call back from SBI Contact Center give a missed call to 7208933142 or SMS ‘PERSONAL’ to 7208933145.
